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The Indian Rupee opened marginally higher at 64.27 per Dollar on Thursday versus previous close 64.30.
Expected, US FOMC hiked the rate by 25 bps hinting one more rate hike in 2017. As the event was already priced-in, global currency market reaction was muted. Rupee has benefited from global flows.
However, Reserve Bank of India (RBI) intervention is preventing sharp gains. USD-INR expected to trade in a range of 64-64.35/Dollar today."
Lower than expected India CPI and WPI have triggered market expectations of monetary easing making local bond market bullish. 6.79 GOI 2027 expected to trade in a range of 6.43-6.48 percent today.
The Dollar nursed losses as weak US inflation data left investors wondering if the Federal Reserve would follow up its latest rate hike with another later this year. Deepening political turmoil in Washington also weighed on the greenback.
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